Binance Chain to Shut Down Legacy Multi-Sig Wallet, Urges Users to Migrate to Safe Global by November 2025
- What's Happening with Binance Chain's Multi-Sig Wallet?
- Step-by-Step Migration Through Secure Interface
- What to Expect During the Transition Period
- How Multi-Signature Approval Works Post-Migration
- A Look Back at BNB's Multi-Sig Wallet Journey
- Why Binance Discourages 1-of-1 Safe Configurations
- FAQs About the BNB Chain Wallet Migration
In a major move for BNB Chain users, Binance has announced the impending shutdown of its legacy multi-signature wallet system, with migration to Safe Global now underway. This transition marks the end of a two-year run for the original BNB Safe wallet built on Gnosis Safe protocol. Here's everything you need to know about the migration process, timeline, and what it means for your crypto assets.
What's Happening with Binance Chain's Multi-Sig Wallet?
The BNB Chain development team dropped a bombshell this week: their current multi-signature (Multi-Sig) wallet will soon be sunsetted. Through their official X account, they've instructed users to transfer assets to SAFE Global, which will continue supporting BNB Smart Chain and other EVM-compatible networks. The migration process is already live, with a complete shutdown expected by November 2025.
Step-by-Step Migration Through Secure Interface
According to BNB Chain developers, the migration preserves security thresholds, ownership structures, and transaction history. However, some transaction details might temporarily disappear until the new contract fully syncs. The migration happens directly through Safe's interface:
- Connect one of your existing signature wallets linked to your Safe account
- Import old Safe configuration by providing its name and address
- After adding signers, watch for three key indicators confirming you're working with an unsupported contract
- Navigate to migration2Singleton to view the transaction creation form
Screenshots shared by Binance Chain developers show a transaction confirmation screen prompting users to "Update the account's base contract." You'll know you're dealing with an unsupported contract when you see either:
- A warning stating "base contract not supported"
- The message "This safe account was created with an unsupported base contract" appears in the top right corner
What to Expect During the Transition Period
The system alerts wallet creators that transactions won't appear immediately in history because the "current track is incompatible." Developers emphasize that migration might take several minutes as the new version and nonce reflect in the interface. Once complete:
- Future transactions will index normally
- All restrictions tied to the old contract lift
- Users should verify transaction data using external tools like Safe Utils or Transaction Decoder during migration
The migration transaction (called migrateL2Singleton in SafeMigration 1.4.1) ensures the new Safe contract works with BNB blockchain's latest supported version. Before confirming, users must verify migration details against their connected wallet's information.
How Multi-Signature Approval Works Post-Migration
The migration transaction executes only after all required signers approve it - no exceptions. The exact number depends on your wallet's existing configuration. Here's the sequence:
- First signer verifies and signs
- Other signers subsequently verify and sign
- System processes only after meeting the threshold
A Look Back at BNB's Multi-Sig Wallet Journey
Binance originally launched the BNB multi-signature wallet on Binance Chain in October 2023. Built via Gnosis Safe protocol (an ethereum network with 200,000+ validators known for dApps like CoW Protocol), the wallet required multiple private keys to approve transactions. It followed a "2-of-3" configuration where two of three designated owners must approve transactions before execution.
The Safe protocol supports multiple EVM-compatible chains including Ethereum Mainnet, Polygon, and BNB Smart Chain. As crypto enthusiast Jung-Hua Liu noted on Medium, users must connect Web3 wallets like MetaMask, switch to BNB Smart Chain (chain ID 56), and ensure sufficient BNB for gas fees when creating safes.
Why Binance Discourages 1-of-1 Safe Configurations
BNB Chain developers strongly advise against single-signature safes (1-of-1). Why? Because they function like regular wallets, completely defeating the multi-signature security purpose. The platform uses a factory contract to deploy new proxy wallets on-chain that remain counterfactual until users pay activation gas fees - meaning addresses reserve but don't activate immediately.
FAQs About the BNB Chain Wallet Migration
When is the deadline to migrate from BNB Safe to Safe Global?
The complete shutdown of BNB's legacy multi-sig wallet will occur by November 2025, giving users approximately six months to complete their migration.
Will my transaction history be preserved during migration?
Yes, the migration preserves your complete transaction history, though some details might temporarily disappear until full synchronization completes with the new contract.
What happens if I don't migrate my multi-sig wallet?
After the November 2025 shutdown, non-migrated wallets will become inaccessible. Users risk losing access to funds if they don't complete migration before the deadline.
Can I still use the same wallet addresses after migration?
Yes, the migration process maintains your existing wallet addresses while updating the underlying contract structure to Safe Global's supported version.
How do I verify my migration was successful?
The BTCC team recommends using external verification tools like Safe Utils or Transaction Decoder to confirm all data transferred correctly during the migration process.
